While old economy stocks stole the headlines today, the fast money was hard at work in Internet stocks. Google (GOOG) led the pack after it announced a deal to sell television ads through satellite giant EchoStar (DISH). In addition, Goldman Sachs said the stock might have a 30% upside.

The Top Three #1

Dot com leads a market rally

Jeff Macke says the most exciting news when it comes to Google isn’t the analyst upgrade, but the deal with EchoStar. He believes the television advertising model could become the next stage of the digital revolution, and the news today shows that the revolution continues to go forward.

But beyond the Google news, why were other familiar dot-com names seeing green?

Tim Strazzini is skeptical, at least when it comes to Amazon (AMZN). He thinks the company has too high of a P/E and trades at too high of a multiple. Amazon is “no longer some hyper-growth Internet story, it’s a pure retailer,” he says. The stock is overvalued, and today’s bump represents a good opportunity to short it – or to get out if you own it, he says. Guy agrees that the multiple is simply too high. “I thought it was a great short $6 ago, I was wrong,” he says.

Jeff Macke notes that Amazon has been strong lately because of the upcoming Harry Potter book release, which is helping lift the numbers for all the booksellers.

When it comes to eBay (EBAY), Tim is more upbeat. He says the success of the company’s offshore strategy has helped their bottom line. Right now, eBay is getting its house in order, Tim says, and that will be reflected in good earnings down the line.